Monday, August 08, 2005
House #1 Refi Going Slowly
Early last week, my wife and I were pondering what the deal was with the refinance of House #1. I hadn't heard anymore from my broker since they asked me to send them those strange letters the lender requested. I have a bit more patience than my wife, but even I was becoming a little upset at not hearing how things were going. We decided to give the broker until the following Monday (which is today) and then we were going to put the hammer down, so to speak. As if by ESP or something, my broker called me at work last Thursday apologizing for taking so long. He said that the lender was dragging their feet with the loan approval, and, in particular, they were "concerned" about the latest appraisal on the property (done in mid-July). My broker said he had enough with them, and basically told them to forget it and return my "package". He told me he was wanting to close this past Friday or today (Monday), but now he has to get another lender lined up. Okay, I'm not an expert at mortgage brokering, but I figure it would take a while to go through the process with another lender. Well, according to him, he's now looking at us to close later this week. So, the processing by the new lender will take just ONE week? I'm not holding my breath. My wife had high reservations about using him again due to the fiascos we had with our first loan, but I trumped her decision. Now I'm starting to regret it a little. We already sent in the loan payments for August for the original loans, pending a worst-case scenario, and it's a good thing we did. Aye carumba!!!
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3 comments:
Well, it looks like my broker was right after all about closing so soon. I got an email from his assistant saying the lender needed two months of bank statements today, so we can close on Wednesday. It seems the statements I sent for the last lender were deposits only (not sure how that happened). anyway, I told her that it would have to be tomorrow at the earliest for the statements, and I wouldn't be able to close until Friday. So, it looks like Friday is the day.
I'm still scratching my head how they can get all the paperwork processed in less than one week.
Don't be too surprised. I work with one lender, who--if absolutely necessary--can put together a loan for me in 5 hours! I haven't been in the situation where I had to have him go through that. But, when he saved us on our House 8 loan, he was able to process everything in 2 days, start to finish!
Guess I owe mine an apology then. Sorry, J!
BTW, I got an interesting call at work htis morning. I guy with an Indian accent called me, told me he was with XYZ Mortgage, and said he needed my authorization code to verify my employment. I told him I'd have to get with my broker to verify he wasn't a scammer (can't be too careful these days). In the past this was handled via the broker, but the rep there said some lenders want to verify themselves. She verified he was legit.
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